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EURHUF Breaks Below Key Short-Term Support

HUF
The forint is trading on the front foot against the euro this morning as HUF sentiment remains firmly positive. The most recent fade in the USD index is likely providing an additional tailwind to the currency, with EURHUF down 0.15% on the session.
  • That places the cross below key short-term support at 388.34, the Apr 5 low. While this level has been tested previously, a clear break would reinstate a bearish theme and signal scope for further weakness towards 386.39, the Feb 22 low.
  • Domestic focus lies on the visit of Chinese President Xi Jinping’s to Budapest, where the President will hold talks as part of his European trip and will likely sign several agreements with the Hungarian government. Xi will depart Friday. Inflation data for April will cross tomorrow morning (07:30BST/08:30CET). A slight increase in the headline figure, from +3.6% Y/Y in March to +3.7% Y/Y in April, is expected.
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